Trends You Need To Know About Money Transfer

As we know that digital Payments have been here for a while. On the other hand COVID-19 has sent their popularity through the roof. Nearly About 50% of global shoppers are using digital payments more than they used before the pandemic.

Yet, the corona virus is not the only one to blame. The modern users increasingly prefer quick and easy solution with a minimal ecological footprint over paper checks and long queues. It’s not surprising that apps like Google Pay and PayPal have flooded the market. However, not all of them win the hearts of customers.

In this Blog, we will discuss about the latest money transfer trends, types of money transfer software and its core features.

Money Transferring Trends

The tech industries still doesn’t stand. If you want to bring your own solution to market, you should keep up with the latest trends.

Points to be covered:
1. Payments via Smart Speakers
2. Contactless Payments
3. Payments in Messengers
4. Mobile Wallets

1. Payments via Smart Speakers:

Smart speakers work effectively as money transfer platforms, among the other things such as booking a cab or getting traffic updates. Instead of taking time to logging into your banking platform to make a payment, all you have to do is to provide a couple of voice commands to complete the transaction.

It’s not surprising that smart speakers are becoming increasingly popular. There is only one thing that prevents their popularity from increasing faster is security concerns. So, if you want to join Amazon and other giants by building a payment solution based on smart speaker technology, first of all, you should take care of the security.

2. Contactless payments:

During the COVID-19 pandemic, a contactless payment is being more popular as they allow avoiding any contact with the surface. So based on the near-field technology (NFC), this payment method allows to make a transaction by a simple waving your device over the reader when both are activated.

NFC technology allows payment with any smart devices like: Smartphone, Tablets, Smartwatch, and many more. NFC payment excludes to enter a pin, making it more secure than card-based transactions.

3. Payment in Messengers:

It’s not a secret that some messengers are about more than just texting, calling, and sharing media. They are also becoming a practical choice for sending and receiving payments, with various degrees of effectiveness. Let’s have a look how you can send funds to your friend via Facebook Messenger:

1. Start a conversation with a person with whom you need to send money.
2. Now tap the”$” button and enter the amount you want to send.
3. Now tap “Next” and voila- the money is on its way to your friend.

Yes, that’s right it takes three steps only to make a transaction via Facebook. Speed is not the only advantage of banking. It’s allows free sending money to anyone in the world.

Despite the potential of P2P payments in messengers, the market is not particularly competitive. While there is a Wechat banking which is only available to Chinese citizens, Facebook Pay has become available in countries other than U.S. only in 2020. For this reason, if you have viable messenger banking solution in your mind, then it’s a good time to bring it to life.

4. Mobile Wallets:

While we are still experimenting with in-message payments, the numbers of mobile wallet users are growing at a rate of 140 million each year.

A mobile wallet solution is mimics after its real-world counterpart. It helps you to keep track of all of your credit cards, coupons, and memberships, among other things. For example: Apple, Google, Samsung already has their own mobile wallets. In the next years, as the use of this technology develops, more and more businesses will have their own mobile wallets.

What Type of Money Transfer Software Do You Want?

While keeping up with the newest market trends its essential for developing custom money transfer software, it is only the first step. The second step is to figure out what kind of software you’ll need. We have listed below some most common money transfer app types.

1. P2P Payment Systems
2. B2B Money Transfer Software
3. Digital Remittance Services
4. Mobile Top-Up Apps
5. Electronic Bill Payment Services

1. P2P Payment Systems:

Third-party financial intermediaries are not involved in peer-to-peer (P2P) payments. P2P payments differ from standard online banking in that they do not require the user to input a large number of details in order to execute a transaction. With the help of P2P payments, it’s enough to know the recipient’s card number or phone number. Known for little to no fees, global coverage, and 24/7 accessibility, P2P payments are perfect for transferring money to friends, paying for goods and services, fundraising, and more. One of the best examples is PayPal which is iconic example of a free P2P payment system.

2.B2B Money Transfer Software:

Transactions between two merchants are known as business-to-business (B2B) payments. Unlike business-to-consumer (B2C) transactions, these are significantly larger and more standardized.

While B2C payments are rapidly going online, B2B clients are more “conservative,” with paper checks still being used by the majority of enterprises. However, as e-commerce grows in popularity, new B2B payment solutions with diverse sets of functionality emerge. For example, according to Merchant Maverick, National Processing, Dharma Merchant Services, and Payment Depot are some of the most efficient B2B payment methods for small firms.

3. Digital Remittance Services:

Digital remittance means a payment which is sent by a person who is living in abroad. It’s done online and doesn’t require a bank account or other electronic wallet, as the name implies. Unlike traditional money transfers, most digital remittance services provide same-day transfers and lower transaction fees, as well as the ability to track your funds through an app.
Furthermore, digital remittance is significantly easier to use than traditional remittance due to the latest electronic ID verification and more convenient sending ways.

4. Mobile Top-Up Apps:

A mobile top-up application is a prepaid phone recharging service that allows you to top up your phone without having to go to the store and buy a top-up ticket. There are two most popular examples of top-up solution Top-Up.com and Ding Top-Up. Both the application will connect you with more than 400 mobile operators worldwide, allow you to recharge your own phone or that of your loved one, and store your payment details to streamline the top-up process.

5. Electronic Bill Payment Services:

An electronic bills payment service, as the name implies, is a software application, an app, or a website that makes paying bills quick and easy. While such applications vary in price, convenience, and dependability, they allow users to pay all of their bills in one place. Other features include set-and-forget automation, same-day payments, and bill juggling.

Conclusion:

This is all about Money Transferring Trends’ hope this content will help you if you want to learn more about new technologies then like, share and follow our page and stay updated with upcoming new technologies.

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